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Consequences of Late Filing of Form MGT-14 and Condonation of Delay

As per Companies Act, 2013 it is mandatory for companies to inform the MCA about certain activities. Special Resolutions passed in the companies shall be filed with MCA in Form MGT-14, in which certified copies of such resolutions are to be attached. Section 117 of the Companies Act, 2013 states that a copy of every resolution or agreement proposed in the meeting needs to be filed with the ROC…

Section 460 – Condonation of delay in certain cases

Notwithstanding anything contained in this Act,— (a) where any application required to be made to the Central Government under any provision of this Act in respect of any matter is not made within the time specified therein, that Government may, for reasons to be recorded in writing, condone the delay; and (b) where any document required to be filed with the Registrar under any provision of this…

Section 470 of the Companies Act 2013

(1) If any difficulty arises in giving effect to the provisions of this Act, the Central Government may, by order published in the Official Gazette, make such provisions, not inconsistent with the provisions of this Act, as appear to it to be necessary or expedient for removing the difficulty: Provided that no such order shall be made after the expiry of a period of five years from the date of…

Overview Inheritance Tax is a tax on the estate (the property, money and possessions) of someone who’s died. There’s normally no Inheritance Tax to pay if: the value of your estateis below the £325,000 threshold you leave everything to your spouse or civil partner, a charity or a community amateur sports club If you’re married or in a civil partnership and your estate is worth less than £325,000,…

FAQs on Computation of Tax

Under how many heads the income of a taxpayer is classified?​ ​​​​S​ection 14​ of the Income-tax Act has classified the income of a taxpayer under five different heads of income, viz.: Salaries Income from house property Profits and gains of business or profession Capital gains Income from other sources​ ​What is gross total income? Total income of a taxpayer from all the heads of income (as…

Senior Citizens under Income Tax

​What are the benefits available to a senior citizen and very senior citizen in respect of tax rates? ​​Senior citizens and a very senior citizen are granted a higher exemption limit as compared to normal tax payers. Exemption limit is the quantum of income up to which a person is not liable to pay tax. The exemption limit granted to senior citizen and very senior citizen for the financial year…

FAQs on Statement of Financial Transactions and Reportable Account

What is statement of financial transaction or reportable account (previously called as ‘Annual Information Return (AIR)’? ​​​​As per section 285BA of the Income-tax Act, 1961 (as substituted by Finance Act, 2014 w.e.f. 01-04-2015), specified entities (Filers) are required to furnish a statement of financial transaction or reportable account (hereinafter referred to as ‘statement’) in respect of…

Income Declaration Scheme, 2016- FAQ’s

Where an undisclosed income in the form of investment in asset is declared under the Scheme and tax, surcharge and penalty is paid on the fair market value of the asset as on 01.06.2016, then will the declarant be liable for capital gains on sale of such asset in the future? If yes, then how will the capital gains in such case be computed ?​​ Yes, the declarant will be liable for capital gains…

Section 80 Deductions- Income Tax Act

Section 80 Deduction Table Deduction on Section 80 C – Maximum Deduction  Rs. 1,50,000 Investment in PPF Employee’s share of PF contribution NSCs Life Insurance Premium payment Children’s Tuition Fee Principal Repayment of home loan Investment in Sukanya Samridhi Account ULIPS ELSS Sum paid to purchase deferred annuity Five year deposit scheme Senior Citizens savings scheme Subscription to…

GST – Key features of draft bill

The key features of the draft model GST law are as under: Coverage of the law  The law covers entire India, including Jammu and Kashmir. In the present regime, service tax was not extended to Jammu and Kashmir.  Important definitions  The definition of capital goods is similar to present definition of capital goods under CENVAT Credit Rules, before amendments made in budget, 2016. The definition…

Full Form – Financial and related

Some Financial and related full forms. The readers are requested to add the Known full forms related to tax, finance and law as comments to this post. ADB: Asian Development Bank ADR: American Depositary Receipt AIDWA: All India Democratic Woman’s Association AITUC: All India Trade Union Congress Full form of AMFI: Association of Mutual Funds in India APEC: Asia-Pacific Economic Cooperation APL:…

Manner of Signing of Certificates by Chartered Accountants (ICAI)

The Council of the Institute of Chartered Accountants of India (ICAI), at its 349th meeting held on 17th and 18th January, 2016 considered an issue relating to manner of signing of certificates by Chartered Accountants. The Council noted that presently different practices were in vogue in respect of the manner of signing of various certificates issued by the members of the ICAI. On a…

Non Ratification of Auditor – Companies Act 2013

Our view about the non ratification of auditor Under the 2013 Act, an auditor is appointed for a term of 5 years. However, the appointment needs to be ratified each year at the AGM. Then the question is that, what will happen in the event of non ratification of auditor. ? or what are the procedures to be followed in the case of non ratification of auditor. The Audit Rules clarify that “if the…

Professional misconduct under ICAI

FIRST SCHEDULE – Professional misconduct

[See sections 21 (3), 21A(3) and 22]

PART I

Professional misconduct in relation to chartered accountants in practice 

A chartered accountant in practice shall be deemed to be guilty of professional misconduct, if he –

(1) allows any person to practice in his name as a chartered accountant unless such person is also a chartered accountant in practice and is…

Provision of Ratification of Auditor:  {First Provision of 139(1)}

The Company shall place the matter relating to such appointment for Ratification by members at every Annual General Meeting.  Rule 3(7) Proviso: Appointment of Statutory Auditor shall be subject to ratification in every annual general meeting till the sixth such meeting by way of passing of an ordinary resolution

“As per the above…